I recently spoke with some strategy consultants who are working with a client in the pet grooming and grooming industry, and here are some of the latest insights in this fast-growing and ever-booming industry that might take you by surprise.

Fact # 1: The global pet industry continues its accelerated rise

Despite the global recession, global sales of pet-related products and services continued to rise to $ 81 billion in 2010. According to market research firm Euromonitor, the exponential growth rate enjoyed by the global pet industry has been on the right track since 2000 and is expected to continue.

Fact # 2: the United States and the United Kingdom are world leaders

The United States and the United Kingdom are world leaders in the global pet market. In the United States alone, pet spending amounted to a whopping $ 55.72 billion in 2013!

Fact # 3: China has one of the fastest growing pet industries

China has one of the fastest growing pet industries in the world. The industry started to take off in the last 10 years. Several reasons can be attributed to this growing trend.

First, China’s fast-growing economic environment and prosperity have led to a growing middle class that is more prosperous than previous generations. Better financial performance means more disposable income for the average household to spend on pets and other unnecessary items.

Second, due to China’s one-child policy that has held strong for decades, adding a pet to the family becomes the obvious choice for the emotional value it brings, especially when a typical middle-class child passes their time working or studying.

Third, having a pet is becoming a symbol of prestige and wealth in the country. Having a pet is becoming a status symbol. China made international headlines in March 2011 thanks to Big Splash, the red Tibetan Mastiff whose unidentified owner, the coal magnate, paid a record $ 1.5 million for it.

Fourth, China’s pet legislation was updated and dog licensing fees were reduced from $ 285 (USD) per year to $ 42 (USD).

Finally, other cultural factors prevail. For example, fish and other aquatic animals have long been revered in Chinese culture because of the perception of prosperity and good fortune that fish can bring.

Fact # 4: Incredible India as Next Growth Opportunity

While India is often perceived by consultants as a newcomer to the global pet industry, Euromonitor reported that this market is expected to grow at an annual rate of 10-15% in the coming years. While Indian consumers are slow to adopt commercial pet foods and choose to feed their pets home-cooked food, the consultants are still willing to bet their money on the slow but steady growth of this niche.

Conclution

Due to affluence and economic growth, pets are increasingly viewed as essential family members within the middle-class household. The growth of the pet industries in the above markets will generate demands for specialized services such as pet healthcare, pet sitting services, and even pet morgues.

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